Artfest International, Inc (fka ARTS)

[99leadballoons]

On January 31, 2008, the Company signed a Promissory Note payable to the TBF Charitable Trust Foundation for $50,000 originally due on July 31, 2008. The loan accrues an interest at 1.5% per month or 18% per annum. Together with interest and certain penalties, the note balance increased to $190,000. In 2009 the note was re-negotiated, including a conversion of a portion of the note for (Insert number of shares, if applicable), resulting in a balance due at September 30, 2009 of $ 100,000.


Classic example of this company not being able to pay their bills so they issue shares.